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Pope’s Reforms Take Effect To Fix Corruption In Roman Catholic Church

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Pope Francis on Saturday approved the new Statute of the Financial Information Authority (FIA), which will henceforth be called the Supervisory and Financial Information Authority [ Autorità di Supervisione e Informazione Finanziaria (ASIF)].

He issued a “chirograph” to approve the new Statute that comes into effect immediately on Saturday, December 5. A chirograph is a form of a papal document with legal force circulated among the Roman Curia.

“In the overall reform desired by Pope Francis for the Holy See and the Vatican City State, aimed at greater transparency and the strengthening of controls in the economic-financial field, the Holy Father has approved the new Statute of the Financial Information Authority, which, from today’s date, will be called the “Supervisory and Financial Information Authority” (ASIF),” said the Holy See Press Office in a release on Saturday.

The change of name had been hinted at earlier in July when FIA published its annual report.

Following the Pope’s approval of the ASIF Statute, FIA President Carmelo Barbagallo, who now becomes ASIF’s president, explained some of its important features.

As part of the Pope’s overall reform of the Holy See and the Vatican City State, he said, it is regarding “transparency and strengthening of controls in the economic-financial field”.

In this context, the most important changes are regarding the governance and organizational structure of the Authority.

Supervisory role

The word “supervisory” that has been integrated, Barbagallo said, is “not just a name change” but allows the Authority “to be aligned with the tasks actually assigned to it”.

He pointed out that since 2013, in addition to its original task of intelligence to combat money laundering and financing of terrorism, the Authority has also been exercising “prudential” regulatory and supervisory functions on institutions providing financial services on a de facto professional basis, such as to IOR (Institute for Works of Religion, commonly known as the Vatican Bank).

“This is the reason behind the addition of the term ‘supervisory’, which of course, is to be understood in the financial field,” he said.

Distribution of Roles

The Press Office said that the “main changes include a renewed distribution of roles between the Chairman and the Management – of a strategic nature for the former, aimed at effectiveness and operational efficiency for the latter – and the establishment of a new unit, dedicated to ‘Regulation and Legal Affairs’”.

Commenting on this, Barbagallo said that while confirming the governing Council’s role, the new Statute also underscores the President’s proactive role in the development of the Authority’s strategy, reinforcing his responsibility regarding supervision.

“At the same time, the role of the management, namely the Director and the Deputy Director, has been consolidated in order to ensure the effectiveness and operational efficiency of the Authority.”

Barbagallo also spoke about changes in the internal organization of the Authority.  “In line with international best practice,” he said, “the Regulatory and Legal Affairs Office has been set up to deal with all legal issues, including regulation.”

Thus, “the tasks of setting the rules have been separated from those of exercising control”.  This divides the Authority’s activities into three units: “Supervision”, “Regulation and Legal Affairs” and “Financial Information”.

 

Source:  Vatican

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    January 26, 2021 at 3:01 am

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Europe

CGTN Kicked Out Of United Kingdom For Promoting Communism

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Chinese news network CGTN has been kicked out the United Kingdom because its state-backed ownership structure flouted British law.

“Following careful consideration, taking account of all the facts and the broadcaster’s and audience’s rights to freedom of expression, we have decided it is appropriate to revoke the licence for CGTN to broadcast in the UK,” the British government Office of Communications (Ofcom) said in a statement.

The English-language satellite broadcaster has long faced criticism for parroting the Communist Party line in its global broadcasts.

Ofcom added, “We have given CGTN significant time to come into compliance with the statutory rules. Those efforts have now been exhausted.”

Ofcom added that it would conclude an ongoing investigation into alleged breaches by CGTN of impartiality, fairness and privacy requirements “shortly”.

On Thursday,the UK’s broadcast regulator revoked the licence of Chinese news network CGTN after finding its state-backed ownership structure flouted British law, and warned of punishment ahead after it aired an alleged forced confession.

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Business

A New Britain Outside Europe’s Customs Union

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2021 is an unforgettable year for Britain after successfully walking out of Europe’s Customs Union and single market bringing an end to almost fifty years of corrosive relationship with her neighbours.

“We have our freedom in our hands and it is up to us to make the most of it,” said Prime Minister Boris Johnson as his country ushered in the New Year.

This entire move means EU rules have become invalid and the free movement of more than 500 million people between Britain and the 27 EU states has suddenly ended.

The EU has lost 66 million people and an economy worth $2.85 trillion, but Brexit, with its appeal to nationalist populism, also triggered fears other disgruntled members could follow suit.

As well as ensuring tariff- and quota-free access to the EU’s 450 million consumers, Britain has recently signed trade deals with countries including Japan, Canada, Singapore and Turkey.

It is also eyeing another with India, where Johnson plans to make his first major trip as prime minister next month, and with incoming US president Joe Biden’s administration.

However, Fear of disruption at the ports has stoked concerns about food and medicine shortages, as well as delays to holidaymakers and business travellers used to seamless travel in the EU.

The British government said some border controls will not be implemented for months as part of Britain’s staged plan, and it was not expecting much disruption around the ports until next week, with traffic light due to the holiday period.

However, it also warned that around 50 percent of small and medium exporters might not yet be ready for the new trading arrangements.

British fishermen are disgruntled at a compromise to allow continued access for EU boats in British waters.

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Entertainment

Stromae Hints On Releasing New Album

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Paul Van Haver, a Belgian musician known by his stage name Stromae, has hinted on plans to drop a new album although he has not specified the exact date.

This half-Rwandan singer held a concert in Kigali in October 2015 and memories of his show still ring fresh to the fans.

However, this artist has been very silent since then ven though his name appears in a number of collaborations, including one on Coldplay’s latest album but also with Bigflo and Oli, Vitaa, Orelsan, etc.

He also appeared on stage with the latter at a concert in Brussels. But musically, he hasn’t released anything under his name except “Défiler”, a long title that accompanied the presentation of his Mosaert collection shown at Le Bon Marché in Paris in April 2018.

He confirmed it to a French publication Liberation during an interview with his wife Coralie Barbier and his younger brother Luc Junior Tam with whom he runs his shop.

While he confesses to having stopped everything during a time when he was really not doing well, he says he works every day, with and for others. And he adds: “An album will come at some point but I don’t really have a date”.

“Even if I had been on an artist contract, I couldn’t have been forced. Either I would have found a subterfuge, or I would have released a rotten album, without giving a shit … A lot of artists do that. ”

It was almost ten years ago, August 16, 2011 to be precise. Stromae released Racine Carrée, his second album, the one that would raise him to the rank of super star, led by the singles “Papaoutai” and “Formidable” to name a few.

In the process, he continued with the Racine carrée Tour, more than 170 dates spread between November 9, 2013 and October 17, 2015, which led him to perform in Germany, London, Brazil, in Madison Square. Garden in New York, as well as in Africa, with concerts in Kinshasa and Kigali. This concert marathon would lead to what we know and his disappearance from radar screens, or almost since.

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